Living with a single income can be challenging. However, with the right strategies, it’s entirely possible to not only survive but thrive. Whether you’re a single parent, part of a one-earner household, or just looking for ways to be more frugal, there are a ton of budgeting hacks that can save you money right now.
Don’t find yourself falling behind on payments. Here are 14 genius budgeting hacks that can help you stretch your dollar further than you ever thought possible.
1. Cancel Services
Take a look at your monthly payments. Are you still paying for Spotify Premium? Cancel the service and deal with a few ads in exchange for extra money in your pocket. You can also eliminate streaming platforms that you rarely, if ever, use. Many shows and movies are available for free at your local library.
2. Shop Smart
Pinch those pennies! When you’re living on a single income, it’s totally understandable to be a bit frugal with your hard-earned money. Shop when items are on sale, so you avoid buying anything at full retail price. It’s also a good idea to buy generic brand items whenever possible since they’re usually the same quality as the name brands.
3. Meal Planning
When you plan your meals, you’re less likely to make impulse buying decisions. Create a calendar based on what’s already in your pantry, supplying only the necessary extras. From there, carve out time on a Sunday to cook in bulk and freeze your meals.
4. Use Public Transportation
Every mile puts your vehicle one step closer to an expense, whether it’s another tank of gas, an oil change, or maybe even new tires. For that reason, one of the best budgeting hacks is to use public transportation or to carpool whenever possible. You can even walk to and from where you need to go.
5. Lower Your Utility Bills
Turn off your lights when you’re not in a room. The same goes for the TV. Now that you’re saving on electric, why not cut costs for other utilities? Use the dishwasher instead of washing by hand, and fix any leaky pipes either yourself or with the help of a handy person. It’s also a good idea to bundle up in the winter instead of using the heat, and open windows in the summer instead of turning on the AC.
6. DIY When Possible
Chances are, there are budgeting hacks hidden all over your house. Look for opportunities to convert a seemingly unusable item into something new and useful. Maybe you can even create crafts to give out to family and friends for gifts. Also, don’t throw away anything broken too quickly. There are plenty of YouTube videos showing you how to fix or make pretty much anything!
7. Secondhand is Your Friend
The Facebook Marketplace is a goldmine. The same goes for thrift stores or flea markets. Rather than spending full price, buy your items gently used. You can find electronics, furniture, toys, books, clothes, and many other items that look basically as if they’re brand new.
8. Avoid Eating Out
Steer clear of restaurants if you’re living on a single income and want to save money. Your meal will be anywhere from $10 to $20, and that’s not counting the drink, tax, and tip for the server. Dining out on special occasions is fine, but try not to eat at a restaurant every weekend.
9. Buy in Bulk
Some food items don’t go bad quickly such as rice, beans, cooking oils, pasta, and coffee grounds. Stock up on these items when they’re on sale, so you don’t need to keep adding them to your grocery list. It’s also a good idea to buy toilet paper, trash bags, diapers, lightbulbs, and other household essentials in bulk.
10. Open a Certificate of Deposit
A certificate of deposit, or CD, is a type of deposit offered at banks and credit unions. Your money is frozen in the CD for a set duration, and in that time, it accrues way more interest than it would in savings. You’ll end up with extra money once the time has elapsed.
11. Use Cashback and Discount Apps
Your smartphone is full of budgeting hacks. Just visit the play store on your device to download a cashback or discount app. Receipt Pal gives you money back for scanning receipt that you can redeem for gift cards. Upside, meanwhile, is a great app that gives you money back on gas, restaurants, and grocery stores.
12. Zero-Based Budgeting
It can be hard to stick to your budget when you’re living on a single income. Try the zero-based budgeting technique where every dollar is assigned a specific purpose. You start at a “zero base” and assign a dollar amount to savings, bills, food, and entertainment. There’s no wiggle room with this strategy.
13. Borrow From Friends and Family
Borrow an item that you temporarily need instead of going out and buying it. For instance, if your mom has a hot glue gun that you need for a craft project, give her a call and see if she minds letting you use it. This saves you money and helps you avoid unnecessary clutter.
14. Learn to Say No
You don’t have to jump in on an expensive Christmas or birthday present. It’s also not necessary to join your family fantasy football league. Say “no” when it’s warranted, or when you just don’t have money in the budget for a certain expense.
Stretch Those Dollars
You hear money experts talking about how to save all the time, but you have yet to put their budgeting hacks into practice. Start now. You don’t need an elaborate Excel sheet with all the bells and whistles to track your finances. Just try any of the tips on this list to get the most out of your single income.
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